Spotify Technology S.A. (NYSE:SPOT) on Thursday reported downbeat third-quarter earnings and revenue.

Spotify reported earnings of $2.85 per share, missing analysts’ consensus estimate of $3.11. Revenue rose 16% year over year to 4.97 billion euros ($5.72 billion), slightly below the consensus estimate of $5.73 billion.

Spotify expects fourth-quarter revenue of 5.2 billion euros, or approximately $5.985 billion, below analysts’ consensus estimate of $6.010 billion.

Spotify shares fell 1.1% to $577.30 in pre-market trading.

These analysts made changes to their price targets on Spotify following earnings announcement.

• Cantor Fitzgerald analyst Deepak Mathivanan maintained the stock with a Neutral and raised the price target from $490 to $550.
• Rosenblatt analyst Barton Crockett maintained the stock with a Neutral and raised the price target from $527 to $576.
• Guggenheim analyst Michael Morris maintained the stock with a Buy and raised the price target from $575 to $650.

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